The National Investment Center for the Seniors Housing &Care Industries and Fitch Inc. have released the Fitch/NICInvestment Analysis of Assisted Living Properties. The guidedescribes this asset class and highlights its unique investmentconsiderations, including risks and returns, demand and supply, keyunderwriting factors, and attributes and cautions about investingin this sector.

According to Robert G. Kramer, executive director of NIC,financiers have a tendency either to lump seniors housing and carewith healthcare or with other types of commercial real estate, whenmaking performance assumptions or market generalizations. But theseniors housing and care has different demand and supply driversthan hospitals, physician practice groups, pharmaceuticals, HMOsand other traditional healthcare segments.

"These drivers are also different than those for apartments,office, retail and industrial properties," says Kramer. "Ouranalysis describes these differences, and the successful investorwill take note." He added that providers might want to give copiesto their potential bankers and investors to help them betterunderstand the industry.